Glassnode’s Wednesday weekly report, “Idling at Support,” has a sobering figure: at the end of September, about 80% of short-term holders across the more than 300 tokens it tracks were selling at a profit. By the end of October, that share had fallen to just around 12%, and short-term holders of a typical token were already selling at a small loss.
In other words, most of the people who chased altcoins in September are now either stuck holding them or selling at a loss. On November 4, BlockchainCenter’s Altcoin Season Index stood at 41, meaning that fewer than half of the major coins $BTC outperformed over the past 90 days. That’s in neutral territory—not altcoin season.
Glassnode’s view is that if BTC holds this pullback, an altcoin market that has already cleared out short-term profit-takers will be on healthier footing than it was amid September’s crowded trades. This is an institutional assessment, not a guarantee. But at the very least, it suggests that chasing hot trends is much harder now than it was in September. Major coins like $ETH are relatively steadier; with smaller coins, liquidity still matters.
#山寨币 #On-chain data
For reference only; this is not investment advice.
In other words, most of the people who chased altcoins in September are now either stuck holding them or selling at a loss. On November 4, BlockchainCenter’s Altcoin Season Index stood at 41, meaning that fewer than half of the major coins $BTC outperformed over the past 90 days. That’s in neutral territory—not altcoin season.
Glassnode’s view is that if BTC holds this pullback, an altcoin market that has already cleared out short-term profit-takers will be on healthier footing than it was amid September’s crowded trades. This is an institutional assessment, not a guarantee. But at the very least, it suggests that chasing hot trends is much harder now than it was in September. Major coins like $ETH are relatively steadier; with smaller coins, liquidity still matters.
#山寨币 #On-chain data
For reference only; this is not investment advice.